Flamel Technologies: Loeb's Third Point Discloses a 9.2% "Passive" Stake

In a 13G filing on Flamel Technologies (Nasdaq: FLML), Daniel Loeb's Third Point LLC disclosed a 9.2% stake (2.2 million shares) in the company. This is up from the 225,000 share stake the firm disclosed at the quarter ended March 31, 2007.

Loeb is a known activist investor and Flamel is already under activist pressure from Redwood Asset Management, which is calling for a sale.

Flamel Technologies, S.A. is a biopharmaceutical company principally engaged in the development of two unique polymer-based delivery technologies for medical applications.

Comments

[denis.dugan:]

Good morning...I wanted to write in hopes of getting in touch with Lon. I am a current shareholder of FLML and was wondering his thoughts of this company and the interesting twist that has just taken place with Third Point increasing their position to about 10%. Historically what happens when activist hedge funds get involved and what is you opinion of FLML in this case? The technology sounds very promising in FLML's case and the share price doesn't reflect that. Furthermore, there is a 5mm share short interest in the stock. Something stinks. Your thoughts are appreciated.

2007 Jul 17 10:42 AM